December 2011


The Financial Reporting Standards Council (FRSC) has approved in December 2011, the adoption of Amendments to IFRS 9 and IFRS 7, Mandatory Effective Date of IFRS 9 and Transition Disclosures, issued by the International Accounting Standards Board (IASB), as Amendments to PFRS 9, Financial Instruments and PFRS 7, Financial Instruments: Disclosures. 

Mandatory Effective Date of PFRS 9 and Transition Disclosures (Amendments to PFRS 9 and PFRS 7) amended the effective date of PFRS 9 so that PFRS 9 is required to be applied for annual periods beginning on or after January 1, 2015. Earlier application is permitted.

The amendments also modified the relief from restating prior periods. Further, PFRS 7 was amended to require additional disclosures on transition from PAS 39, Financial Instruments: Recognition and Measurement to PFRS 9.

The FRSC has submitted the amendments to PFRS 9 and PFRS 7 to the Board of Accountancy for approval.